Claims and Settlement | Frequently Asked Questions

"Insurable interest" is a concept dealing with the legitimacy of a life insurance policy and its beneficiary. The intention of life insurance is to provide financial assistance to the beneficiary after the death of the insured. Most common beneficiaries are immediate family members, descendants, heirs, employers, established business partners and charities of the insured.

Beneficiaries may be designated as Revocable or Irrevocable.

With Revocable Beneficiaries, owner CAN:

1. Change beneficiaries
2. Exercise all rights and privileges on the policy without the consent of the designated beneficiarie

With Irrevocable Beneficiaries, owner CANNOT:

1. Change beneficiaries
2. Exercise any right or privilege on the policy without the consent of the beneficiaries, therefore: ALL POLICY CHANGES WILL HAVE TO BEAR THE SIGNATURE OF THE IRREVOCABLE BENEFICIARIES (must be of legal age)

Yes, you may change your beneficiary anytime as long as the policy is in force. If the current beneficiary is designated as irrevocable and is of legal age, his consent is necessary to effect the change. If the irrevocable beneficiary is a minor, he can only express his consent through a guardian duly appointed by the court.

If the designated beneficiary is a minor, the Claimant’s Statement must be accomplished by the appointed trustee or by the court approved guardian and submit any of the applicable legal documents:

1. Duly Notarized Affidavit of Parental Care & Custody.  This is to be executed by the minor’s father or in his absence, the mother, if the share of the minor does not exceed Php500,000.00.
2. Duly Notarized Affidavit of Substitute Parental Care & Authority. This is to be executed by the appointed trustee other than the natural parents if the share of the minor does not exceed Php500,000.00.
3. Letters of Guardianship shall be required if the minor is orphaned on both parents.
4. Approved Verified Petition for Guardian’s Bond if the appointed trustee is any or both the natural parents if the share of the minor exceeds Php500,000.00.
5. Trusteeship Bond if the appointed trustee is other than the natural parents if the share of the minor beneficiary exceeds Php500,000.00.

As previously stated, ALL POLICY CHANGES WILL HAVE TO BEAR THE SIGNATURE OF THE IRREVOCABLE BENEFICIARIES.  The minor has to be represented by his/her legal guardian in performing any transactions pertaining to the policy. The following will be required for any policy change with minor-irrevocable beneficiary:

1. Duly Notarized Affidavit of Parental Care & Custody. This is to be executed by the minor’s father or in his absence, the mother, if the share of the minor does not exceed Php500,000.00.
2. Duly Notarized Affidavit of Substitute Parental Care & Authority. This is to be executed by the appointed trustee other than the natural parents if the share of the minor does not exceed Php500,000.00.
3. Certified True Copy of the Court Order appointing the legal guardian to represent the minor.  A petition in court must be filed if the share of the minor exceeds Php500,000.00.  This is in accordance with Section 180 of the Insurance Code, Article 225 of the Family Code and Section 182 of the Revised Insurance Code.

Section 180 of the Insurance Code, provides that:
In the absence of a judicial guardian, the father, or in the latter’s absence or incapacity, the mother, of any minor, who is an insured or a beneficiary under a contract of life, health, or accident insurance, may exercise, in behalf of said minor, any right under the policy, without the necessity of court authority of the giving of a bond, where the interest of the minor in the particular act involved does not exceed twenty thousand pesos (increased to fifty thousand pesos by virtue of Article 225 of the Family Code.

Article 225 of the Family Code provides that:
The father and the mother shall jointly exercise legal guardianship over the property of their unemancipated common child without the necessity of a court appointment.  In case of a disagreement, the father’s decision shall prevail, unless there is a judicial order to the contrary.

Section 182 of the Revised Insurance Code (R.A. 10607) provides that:
In the absence of a judicial guardian, the father or in the latter's absence or incapacity, the mother, of any minor, who is an Insured or a beneficiary under a contract of life, health, or accident insurance, may exercise, in behalf of said minor, any right under the policy, without necessity of court authority or the giving of a bond, where the interest of the minor in the particular act involved does not exceed Five hundred thousand pesos (P500,000.00).

Where the market value of the property of the annual income of the child exceeds Php500,000.00, the parent of concerned shall be required to furnish a bond in such amount as the court may determine, but not less than ten per centum (10%) of the value of the property or annual income, to guarantee the performance of the obligations prescribed for general guardians.”

If the policy is assigned, the Claimant’s Statement must be accomplished by the assignee together with evidence of outstanding indebtedness of the insured under the Collateral Assignment. If at the time of death, insured has no outstanding indebtedness, submit a duly signed Release of Collateral Assignment by the assignee.

If insured’s death is violent, please submit the following:

1. Certified true copy of Investigation Report (from NBI or Police)
2. Statement from Identifying witness, if applicable
3. Criminal Complaint, if applicable
4. Fiscal’s Resolution, if applicable
5. Certified True Copy of Autopsy Report, if applicable

The death benefit proceeds is issued to the designated beneficiary through crossed check.  The check is released through your Servicing Agent or Financial Sales Associate.

In case you want to claim your check personally, you may come to our Head Office with address at the ground floor of LKG Tower, Ayala Avenue, Makati City and claim your check with the Claims & Settlement Dept.

The payment of the living benefit is issued to the policy owner of your life insurance policy through crossed check.  The check is released through your Servicing Agent or Financial Sales Associate. 

In case you want to claim your check personally, you may come to our Head Office with address at the Ground floor of LKG Tower, Ayala Avenue, Makati City and claim your check with the Claims & Settlement Dept.

Yes, partial advance from the death benefit proceed is allowed subject to the following terms  and conditions:

1. Policy is incontestable at the time of the policyholder's death
2. The designated beneficiary is not a minor
3. The following documents are submitted:

• Written request from the claimant
• Duly accomplished Claimant’s Statement-Death Claim form
• Claimant’s valid Identification Document (ID)
• NSO authenticated Marriage Contract, if the designated beneficiary is the spouse

For other inquiries about your policy or any of our products and services, you may contact our Call Center through 884-7000 or 884-LIFE (5433) or Toll Free Number 1-800-1-888-6268.   You may also email us at phcustomercare@manulife.com or log on to our website www.manulife.com.ph or visit any of our branch offices